Data Intelligence – connecting the dots
_ _ _ … _ _ _
In case you’re wondering, that’s Morse Code. Meaningless if you can’t decipher it, yet informative when you can. Of course, that’s assuming that you notice it in the first place – but we’ll get to that later. This sequence denotes the letters “O – S – O”. Still cryptic? Intentionally so to highlight the fact that disparate pieces of data require context and connectivity for comprehension.
So let’s pull a few more dots together. This data comes from a female, mid 20s, who only buys at specific times of the month. However, buying times do not always correlate with end of month pay days. Perhaps she’s self-employed or gets paid weekly? That’s not definitive, so we’re still missing something. Though we do have more context, just not enough to see a clear pattern or to decode our “O – S – O” data.
What we need is connectivity. So where else do we look? We can go within to check out what your business is doing when purchases are made. This extra dynamic shows that when you offer a discount, she clicks to purchase. Some nifty analysis determines that “O – S – O” signifies “Online Sales Only.” Whether she thinks your goods are too expensive or she just doesn’t have the budget, her activity shows that when you reduce your price, she’s willing to purchase. Now you can do something with that information. Your data has just been translated into intelligence!
But what if the sequence was “S – O – S”? A cry for help? For example, I’m spending more than I’m earning every single month. That’s the kind of information banks would benefit from – and not in order to sell more credit. That’s a short term “benefit me” option, which unfortunately some financial institutions have a notorious reputation for: choosing profit over customers. Hence brand loyalty is difficult to maintain. A future-thinking financial enterprise would offer assistance, perhaps in the form of debt consolidation or overdraft facilities, to improve a customer’s credit score. Why? For the longer term win-win option, like a home loan.
But how can you do any of this if you can’t even see the information? It’s time to broach the legacy tech conundrum.
Finding the dots
Unfortunately, legacy technology has limitations. One of which is that every additional line of code (to enhance functionality for example) impacts processing power. This not only impairs operational capacity but the speed of delivery as well. So even asking simple questions of your data inhibits your overall efficiency. And trying to add in Machine Learning (ML) functionality? The lag will leave you way behind the competition.
There are numerous technical reasons for this but I prefer the simple Newtonian (legacy tech) versus quantum (next gen tech) analogy to explain it. That is the Newtonian “join the dots in numerical order to get to your destination” compared to the quantum “immediate view of the whole picture at micro or macro level from any or all perspectives”. The agility alone is a comparative 2D – 4D image experience – and the possibilities are endless!
So you see legacy tech can only get you so far in achieving a ‘data intelligence’ paradigm in your organisation.
Fortunately, that’s where we come in: Locstat is a data intelligence platform with phenomenal next-generation functionality. As a light touch on your existing architecture, it illuminates your data to provide actionable intelligence for insightful and timely decision-making.
Connecting the dots
So, once spotted, how do we join those dots for you? Locstat’s graph technology powered AI and Event Processing capabilities easily connect your data elements to ensure that the necessary linkages, context and relationships are made. Our data intelligence platform, ably assisted by our diverse Machine Learning (ML) capabilities, helps to identify patterns in your data.
These configurations are determined by your specific requirements and supported by our future-ready technology to produce enriched insights for operational decision-making. In addition, as up to 80% of data has a location component, Locstat’s geospatial processing engine expands this picture to enhance the translation of basic information into intelligence.
So whether you need to segment your customers for a personalised marketing campaign, detect fraud in your operations or locate unsaturated neighbourhoods to set up shop this powerful platform will do the job!
Don’t just connect the dots,
understand the full message with
the Locstat Data Intelligence platform
- Articles (33)